Supermarkets are out of date, says Waitrose boss
The 'big four' supermarkets have been accused of being out of date by the head of upmarket grocer Waitrose.
FTSE 100
7,815.46
09:50 19/04/24
Morrison (Wm) Supermarkets
286.40p
16:55 26/10/21
Sainsbury (J)
257.40p
09:50 19/04/24
Tesco
280.20p
09:50 19/04/24
Wal-Mart Stores Inc.
$59.26
11:10 18/04/24
Speaking at the launch of the retailer's Food and Drink report, Mark Price said that public's shopping habits have changed much more radically than simply favouring discount retailers.
The current changes being seen are as fundamental as those seen in the 1950s, he believes.
The main challenge faced by Sainsbury, Tesco, Morrison and Walmart-owned Asda was that the changing trends are "pulling people out of big box, out-of-town retailing", the Telegraph quoted Price as saying.
"They have an estate for how people shopping two decades ago", Price said, adding that the old custom of 'the weekly shop' had become "a thing of the past".
He explained that people have become increasingly short on time and are now "buying food for now" whilst on the go and for the evening.
The Food and Drink report itself identified a number of changing habits of consumers, with 21% decline seen in food waste over the past seven years and a 10% jump in in the sales of breakfast 'on-the-go' products.
Data published by Kantar on Tuesday revealed that Waitrose's market share had increased 6.8% in the 12 weeks to 12 October.